Weyerhaeuser reported second-quarter net earnings of $162 million, or $0.23 per diluted share, compared with $87 million, or $0.12 per share, a year earlier. Net sales were $1.9 billion in both periods, while Adjusted EBITDA declined to $310 million from $336 million, according to company.

Net earnings before special items were $91 million, up from $77 million in the first quarter and $87 million a year earlier. Net cash from operations totaled $399 million, while Adjusted Funds Available for Distribution totaled $323 million.

Lumber sales realizations increased 15% from first-quarter averages to $508 per thousand board feet, compared with $443 in the first quarter and $454 a year earlier. Lumber sales volumes rose to 1.16 billion board feet from 1.08 billion in the first quarter but remained below 1.28 billion board feet in the second quarter of 2025.

Wood Products Adjusted EBITDA increased by $58 million from the first quarter to $129 million, supported by higher lumber realizations and volumes and improved results across several product categories. Segment net sales rose by $196 million to $1.36 billion, while pretax earnings before special items increased by $57 million to $71 million.

Lumber production increased to 1.14 billion board feet from 1.10 billion in the first quarter but remained below 1.21 billion board feet a year earlier. Oriented strand board production was 745 million square feet, compared with 742 million square feet in the previous quarter and 737 million square feet a year earlier.

Oriented strand board sales volumes and fiber costs were slightly higher, while planned annual maintenance and elevated resin costs raised unit manufacturing expenses. Lumber unit manufacturing costs increased, partly because of operational disruptions related to transportation constraints.

Engineered solid-section production increased to 5.9 million cubic feet from 5.7 million in the first quarter. Softwood plywood production rose to 85 million square feet from 77 million, while I-joist production declined to 31 million lineal feet from 35 million.

Western Timberlands recorded higher sales volumes, primarily for domestic logs, and moderately higher realizations. Western fee harvest volume increased to 2.25 million tons from 2.18 million in the first quarter. Higher forestry and road expenses, elevated fuel and freight costs and the seasonal move to higher-elevation operations raised costs.

Southern fee harvest volume was 5.96 million tons, compared with 5.92 million tons in the first quarter. Sales realizations increased slightly because of product mix, while elevated fuel costs raised per-unit log and hauling expenses.

Management said it was encouraged by recent increases in lumber and western log pricing while noting continuing macroeconomic uncertainty and near-term inflationary pressures. The company maintained its confidence in the long-term demand fundamentals supporting its businesses.

For the third quarter, Timberlands earnings before special items and Adjusted EBITDA are expected to increase slightly from the second quarter. Weyerhaeuser expects moderately higher western harvest volumes, higher domestic log volumes and lower export volumes. Overall realizations are expected to decline slightly because of product mix, while grade-log realizations are expected to increase slightly.

Wood Products earnings before special items and Adjusted EBITDA are expected to decline slightly, excluding changes in average lumber and oriented strand board realizations. Lumber sales volumes will increase, while log costs will rise moderately and unit manufacturing costs will decline slightly. Oriented strand board sales volumes are expected to increase slightly, while unit manufacturing costs will rise.

Strategic Land Solutions Adjusted EBITDA declined to $129 million from $193 million in the first quarter because the first quarter included a $94 million conservation easement transaction with no comparable transaction in the second quarter. Third-quarter Adjusted EBITDA is expected to decline by about $45 million because of the timing and mix of real estate sales. The company raised its full-year Adjusted EBITDA forecast for the segment by $25 million to about $450 million.

Weyerhaeuser completed the sale of 29 thousand acres of non-core Oregon timberlands for $114 million during the quarter. The transaction generated a $71 million after-tax gain included in second-quarter net earnings.